The U.S. stock market remains closed today, in honor of Thanksgiving. Here’s a round-up of recent market-related news.
U.S. stock futures were trending higher on early Thursday morning, supported by easing long term bond yields. The spike comes even on minutes from the Federal Reserve, suggesting the need to adjust asset purchases and increase the target range for federal funds to counter rising inflation.
Elekta AB (EKTAY), Paypoint PLC (PYPTF), and Schoeller-Bleckmann Oilfield Equipment AG (SBOEY) are set to report their quarterly earnings. Pacific Edge Limited (PFGTF), Eargo (EAR), and Eco Wave Power Global (WAVE) are also scheduled to report.
Westlake Chemical Corporation (WLK) has reached an agreement to acquire Hexion Inc. global epoxy business for $1.2 billion. The deal is likely to close in the first half of next year. The acquisition should allow the company to significantly expand its integrated business with the addition of a portfolio of coatings and composite products.
General Mills, Inc. (GIS), on its part, is in the process of divesting its European dough business to dough solutions provider Cerelia. The deal is likely to close at the end of fiscal 2022. The terms of the deal remain under wraps. The divestment includes General Mills branded and private label dough business in Germany, the U.K., and Ireland.
Meanwhile, BlackRock (BLK) participated in a funding round that raised $788 million for electric vehicle charging venture lonity. According to Reuters, the investment will allow the venture to develop high power loading sites. The investment comes amid reports that BlackRock was close to investing about €500 million in lonity last month
Nokia (NOK) and Russia’s YADRO are in the process of setting up a joint venture (JV) as they look to develop 4G and 5G infrastructure in Russia. The two have already inked a term sheet setting the stage for the development of the base stations, based purely on Russian equipment. Reports indicate Nokia will own a 49% stake in the J.V., with the remainder going to YADRO.
Deere & Company (DE) shares popped 5.2% after the company delivered upbeat fiscal fourth-quarter results, with earnings and revenue beating consensus estimates. The agricultural equipment maker delivered $4.12 per share earnings, up 72.4% year over year and above consensus estimates of $3.90 a share. Net sales grew 16% year-over-year to $11.33 billion, beating consensus estimates of $10.44 billion.
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